Year End Tax Planning
Its a good time now to ensure that you have actually paid the following types of expenses before December 31, 2012 in order to claim a tax deduction on your return.
Fees paid to manage your investments.
Safety deposit box fees.
Interest on money borrowed for investment purposes to earn interest or dividends.
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Tax Free Savings Account (TFSA)
The tax free savings account (TFSA) started in 2009 and allows individuals 18 years of age who are residents in Canada to accumulate funds and earn income on the funds on a tax free basis. Unlike RRSP’s the annual limit is not based on earned income but is the same for all individuals.
Contributions to TFSA accounts are not not deductible. Income earned…
RRSP contribution deadline
The last day to make contributions for the 2012 tax year is Friday March 1, 2013
RRSP is restricted to 18% of your earned income from employment
The maximum RRSP contribution limit for 2012 is $22,970 For 2013 the limit is increased to $23,820 and for 2014 the limit is…